Is Filing for Bankruptcy Going to Hurt My Credit?
Usually, those who are filing for bankruptcy already have a bad credit score because they have been unable to pay their debts. Filing for bankruptcy can help those who need to get their debts discharged and get a fresh start on life. Most find that their credit scores begin to improve after they have filed because they are able to pay off their newly decreased debt, rather than watching it continue to accrue.
Will Bankruptcy Hurt My Credit?
Unfortunately, the answer to the question “will bankruptcy hurt my credit” can, in part, be yes; there can be some negative effects on your credit score associated with bankruptcy since it does remain on your record for up to a decade. Credit companies may not approve you for a card or a loan because they may perceive you as high-risk. If they do give you credit privileges, then they may also charge you a much higher rate of interest because of your status. In addition, you could face difficulty when looking for a job, as employers are legally allowed to check your credit.
Repairing and Rebuilding Credit
To get bankruptcy removed from your credit score, consult with my firm. I may be able to find a mistake or discrepancy on your report that will allow it to get removed. Under the Fair Credit Reporting Act, individuals are allowed to dispute credit scores that display inaccurate personal information, status, or balances. As an experienced Marietta bankruptcy attorney, I am well-equipped to find any errors related to these reports.
If we cannot get your bankruptcy removed, there are other ways to begin building your credit. One option may be to apply for a secured credit card, or a gas card, that will be easy to pay off each month. Manageable payments are a great way to begin increasing your credit score. For more information about how to rebuild your credit, contact my firm for a free consultation!